Porche finally gave in to the months – long power struggle to Volkswagen when it fired its chief executive. Also, it declared that it will try to raise €5 billion in equity for the possible merger of Volkswagen and Porsche. Porsche’s board of directors meeting came to an end with the announcement that Porche’s CEO, Wendelin Wiedeking, and finance chief Holger Haerter will be quitting the group.

With the exit, the CEO will be paid off €50 million while the finance chief will get €12.5 million. Wiedeking will be replaced by Michael Macht who is currently the Production head of Porsche. Wiedeking has always been against the idea of Volkswagen buying Porsche.

Currently the Piech and Porsche families completely own Porsche with 100% decision making power and have also tried their best not to sell any stakes to any outsider. But it seems that now the Porsche and Piech clans are ready to give up some of their influence at the maker of the 911 sports coupe.